Petrol and Diesel price cut in India

Petrol and Diesel price cut in India

Indian government has finally reduced the prices of Petrol and Diesel.

The price of Petrol has been cut by Rs. 5. Diesel is now cheaper by Rs. 2.

the price cut is effective with immediate effect.

This is good news for the market as it would help curb the inflation.

This also happens to be the first price cut in almost two years.

Analysts however say that it would deplete the revenues for the oil companies in India which are already under tremendous pressure due to high taxes.

Indian petroleum minister Murli Deora said in a statement: “We have kept the prices of kerosene and cooking gas untouched as oil companies continue to incur losses on them.”